Fin Tube Market Forecast and CAGR
According to the latest research by Fact.MR, the fin tube market is set to witness elevated growth during 2021-2031. Rising demand for efficient heat transfer across the industries such as food & beverage, chemical, and pharmaceutical has paved a way for the strong business growth of fin tubes. This business is anticipated to grow at 5%CAGR over short-term i.e. 2021-2024 and 4.2% CAGR over the medium-run forecast period.
Fin Tube Market Overview.
Fin tubes are supporting ailments of condensers, heat exchangers, coolers, and furnaces for efficient cooling, and enhanced thermal efficiency is observed overutilization of these fins. Power generation and chemical industry are the two main industries which cater more than three-fourths of the product demand.
Moreover, their utilization could also be observed where there are high-temperature operations that enhance the requirement for heat transfer equipment. This is set to bolster the demand for the product.
Moreover, the debottlenecking process in the industry is extensively used to revamp the existing plant by either retrofitting the parts or modifying the existing equipment for enhanced production of goods. Debottlenecking not only enhances productivity but also reduces heat transfer/heat losses in the industry. This also tends to pave way for these heat exchange equipment in the chemical and pharmaceutical industries.
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COVID-19 Impact on Fin Tube Market
COVID-19 has disrupted the manufacturing sector across the globe. Shut down of chemical industries has cascaded huge effect on the demand for fin tubes.
But on the positive notes, rise in pharmaceutical production especially Active Pharmaceutical Ingredients (API) over the same period has paved a way for strong demand for heat exchange equipment including fin tubes.
Development of Innovative Fin Tubes
On the bases of three dimensional numerical model, manufacturers are developing an innovative plain fin & elliptical tube heat exchanger along with advanced tube banks categories like a slotted annular and slotted elliptical tube-bank.
Furthermore, these heat exchangers contains elliptical cross sectioned tubes which has integrated tapered slots oriented in span wise and stream wise orientation. These tubes have 15% more heat transfer rate than conventionally available tubes. These innovative fins are anticipated to observe higher sales growth from chemical, power and pharmaceutical industry.
Moreover, developed groovy fins are able to exchange heat with 8% to 15% as compared to conventional groovy fins with same energy consumption. Developed groovy fins patented design helps the air flow around the tubes which enhances heat exchange surface area. These factors not only enhance the investment in heat exchange auxiliary equipment but also tends to bolster the overall market value
Compact fin tubes are getting more traction from automotive industry for its application in car radiator. Increasing CAFÉ standards in US is enhancing the demand for such fins to reduce the energy losses from the automotive.
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Regional Overview of Fin Tube Market.
United States and Japan together tend to capture nearly one-fifth of the fin tube market share owing to their energy consumption statistics over the past half-decade. With the strong production growth in China, the country is anticipated to join the leaders of energy consumption by the end of FY2023. These factors play a prime role in driving the demand for the fin tube in these countries. China, Japan and US are together anticipated to capture more than one-third of the demand by FY2025.
Who are the Key Manufacturers of Fin Tube?
Some of the leading manufacturers of fin tube are, Fluid Dynamics Pty Ltd., Anand Seamless Tubes Pvt ltd., Profins, Thermofin, Tulsa Fin Tube, Airco Fin, HDT Tube Fine Limited, Yuhong Group Co., Limited, Vulcan, Dura Fin Tube, TPS Technitube and other local manufacturers.
As consumers are demanding for compact and low cost tubes, key players are manufacturing customized fin tube with high heat exchange capacity with less energy loss.
An Adaptive Approach to Modern-day Research Needs
Fin tube market report highlights:
- Detailed overview of parent market
- Changing market dynamics in the industry
- In-depth market segmentation
- Historical, current and projected market size in terms of volume and value
- Recent industry trends and developments
- Competitive landscape
- Strategies of key players and products offered
- Potential and niche segments, geographical regions exhibiting promising growth
- A neutral perspective on market performance
- Must-have information for market players to sustain and enhance their market footprint
- High Finned Tube
- Extruded Fin Tube
- KL Fin Tube
- G Type / Embedded Fin Tube
- Wrap Around Fin Tube
- L Type Fin Tube
- LL Type Fin Tube
- KL Type Fin Tube
- Low Finned Tube
- Integral Fin Tube
- High Finned Tube
- Heat Exchangers
- Stainless Steel
- Copper Zinc
- Copper Nickel
By End-use industry
- Oil and Gas
- Power Generation
- Chemical Industry
- North America
- US & Canada
- Latin America
- Brazil, Mexico, Argentina & Rest of Latin America
- Germany, France, Italy, Spain, U.K., Benelux, Russia, and Rest of Europe
- East Asia
- China, Japan, South Korea
- South Asia
- India, Thailand, Malaysia, Indonesia and Rest of South Asia
- Australia and New Zealand
- Middle East and Africa
- GCC Countries, Turkey, South Africa, and Rest of Middle East & Africa
- North America
The report is a compilation of first-hand information, qualitative and quantitative assessment by industry analysts, inputs from industry experts and industry participants across the value chain. The report provides in-depth analysis of parent market trends, macro-economic indicators and governing factors along with market attractiveness as per segments. The report also maps the qualitative impact of various market factors on market segments and geographies.
NOTE - All statements of fact, opinion, or analysis expressed in reports are those of the respective analysts. They do not necessarily reflect formal positions or views of the company
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